| If you survive a stroke, a heart attack, or cancer, | | | | hour, Home Health Aides are $18.00/hour. Right now! |
| you are going to need long term care. Your age | | | | Who pays for it? You pay for it. You spend all your |
| doesn't matter. You will need time to rehabilitate. | | | | cash. When you run out of cash, you sell your house, |
| That's a long term event, period. You are going to | | | | and you pay. When that cash is gone, when you are |
| need long term care of some kind; either you go into | | | | flat broke, Medicaid steps in and puts you up in a |
| a facility, or you stay with somebody. | | | | facility of their choosing. You have no input. |
| Who pays for it? You sure won't be earning any | | | | (Remember, you're flat broke and recovering from a |
| money for a while after a stroke. So who pays for | | | | stroke or heart attack.) |
| it? Your kids? Does your daughter have an extra | | | | There are State Partnership Programs for people |
| $75,000 in her budget that she doesn't need, every | | | | with Long Term Care insurance (LTCi), but nothing |
| year? Can your son take time off work to sit with | | | | except Medicaid for the indigent. So here we are: |
| you 24/7 until you recover when you are 85 or 90? | | | | 72,000,000 baby boomers are about to become |
| And how old will your kids be then? Are they already | | | | Senior Citizens and will face a new reality. This isn't a |
| retired or about to? Will they have planned for their | | | | reality show, but it is all about being a survivor. 1.7 |
| retirement including long term care for you? | | | | million people will have a heart attack this year and |
| Maybe your grandchildren can provide for you...and | | | | 1.2 million of them will survive. 700,000 will have a |
| their parents. That shouldn't totally interfere with their | | | | stroke and 500,000 of them will survive. Without |
| lives at what, 35 or 40? They would be raising their | | | | Long Term Care insurance, the scenario above |
| kids then, putting them in college, just building their | | | | applies to each and every one of those survivors. For |
| own estate. What a great time to say, "I need | | | | many, it is already too late to buy Long Term Care |
| someone to look after me". | | | | insurance, because they are now uninsurable. For |
| Otherwise, you are responsible for your own care. | | | | more, sadly, by the time they reach their Golden |
| You pay for it. If you are on Medicare that will give | | | | Years, they cannot write a check for $600, and can't |
| you 21 days in a nursing home immediately after you | | | | possibly afford the cost of buying insurance later in |
| are released from the hospital. Total. So when you | | | | life. They have no option. They will eventually go into |
| are released from the hospital you will need to go | | | | a Medicaid facility. Are you in either of those groups? |
| directly into a facility for three weeks after a heart | | | | I hope not. |
| attack. By the time you are ready to leave the | | | | Don't buy Long Term Care Insurance out of fear. |
| hospital you would have to make arrangements to | | | | That's what it says on the US Department of Health |
| be somewhere that you can have assistance when | | | | and Human Services website. Don't buy Long Term |
| you need it. Hopefully that is a very long way off. | | | | Care insurance if you don't have assets other than |
| Nursing homes in today's dollars run about $75,000 | | | | your house, maybe. Don't buy LTCi if you like to |
| year and you can last anywhere from two to ten | | | | swim in shark infested waters, sure, or you play |
| years if you go into one. By the time you are 85 or | | | | Russian roulette a lot. But for everyone else, not |
| 90 that will be more. Assisted living centers are a little | | | | buying LTCi is a lot like playing Russian roulette |
| less, depending on the level of care you need. Visiting | | | | anyway. It's just plain dumb! |
| Nurses charge the Medicare approved rate of $46.00 | | | | |